Saudi Arabia describes inclusion on EU ‘dirty money’ list as regrettable

Arab News
February 14, 2019

Jeddah, Feb 14: Saudi Arabia has expressed its regret about the decision by the European Commission to place the Kingdom on a blacklist of 23 non-EU countries and territories accused of posing a high risk of money laundering and financing terrorism. In response, Saudi authorities highlighted the efforts being made by the Kingdom to combat such crimes.

“The Kingdom finds it it regrettable that it was included in the proposed list of ‘high-risk’ countries for money laundering and terrorist financing that was issued by the European Commission on Feb. 13, 2019,” Saudi authorities said in a statement released by the Saudi Press Association. “This comes despite the Kingdom’s ratification of many laws and procedures relating to combating money laundering and terrorist financing, to reduce the risks associated with such crimes.”

It added that the Kingdom reaffirms its strong commitment to the joint global efforts to combat money-laundering and the financing of terrorism, as part of which it works with international partners and allies.

“Saudi Arabia, who is a key partner in the international coalition against Daesh, has been leading a group, along with the United States and Italy, to fight the financing of the group,” the statement continued.

“The Saudi Mutual Evaluation Report, published by Financial Action Task Force (FATF) in September 2018, praised Saudi Arabia’s commitment to the group’s recommendations. The FATF report stated that the Kingdom’s preventive measures against money laundering and terrorist financing are strong and robust.”

The Kingdom has a legal framework and coordinated procedures in place for the swift implementation of targeted financial sanctions imposed by the United Nations, it added.

“Saudi Arabia’s commitment to combating money laundering and the financing of terrorism is a strategic priority and we will continue to develop and improve our regulatory and legislative frameworks to achieve this goal,” said Mohammed Al-Jadaan, the Saudi minister of finance.

“The announcement by the European Commission that the Kingdom will be included in the proposed list of high-risk countries for money laundering and terrorist financing will have to pass the voting stage in the European Parliament before it becomes effective.”

The minister invited European Commission officials and members of the European Parliament to visit Riyadh to learn about the Kingdom’s ongoing efforts and initiatives to combat money-laundering and the financing of terrorism at local, regional and international levels.

Al-Jadaan added that The Kingdom looks forward to a constructive dialogue with its partners in the European Union to help strengthen and support efforts to combat the flow of ‘dirty money.’

The Saudi response came just hours after the US Treasury on Wednesday expressed “significant concerns” about the substance of the European Commission list, which was released the previous day. It pointed out that the FATF is the global standard-setting body for combating money laundering, terrorist financing and proliferation financing, and that the task force — the members of which include the US, the European Commission, 15 EU member states and 20 other jurisdictions —already compiles a list of high-risk countries as part of a careful and comprehensive process.

The Treasury said the EU commission had not given the listed countries sufficient time to discuss regulations, and added that it did not expect US financial institutions to take the EU list into account when deciding policies and procedures.

EU Justice Commissioner Vera Jourova said on Wednesday that the list, which also includes countries such as North Korea and Nigeria, will help to increase checks and investigations on financial operations to find “suspicious money flows.”

“We have to make sure that dirty money from other countries does not find its way to our financial system,” she said. “Europe cannot be a laundromat for dirty money.”

The list will now go to the European Parliament and member states for approval over the next few weeks.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
February 27,2020

Riyadh, Feb 27: Saudi Arabia on Thursday halted travel to the holiest sites in Islam over fears about a new viral epidemic just months ahead of the annual hajj pilgrimage, a move coming as the Mideast has over 220 confirmed cases of the illness.

The extraordinary decision by Saudi Arabia stops foreigners from reaching the holy city of Mecca and the Kaaba, the cube-shaped structure the world's 1.8 billion Muslims pray toward five times a day. It also said travel was suspended to Prophet Muhammad's mosque in Medina.

The decision showed the worry about the outbreak potentially spreading into Saudi Arabia, whose oil-rich monarchy stakes its legitimacy on protecting Islam's holy sites. The epicenter in the Mideast's most-affected country, Iran, appears to be in the holy Shiite city of Qom, where a shrine there sees the faithful reach out to kiss and touch it in reverence.

"Saudi Arabia renews its support for all international measures to limit the spread of this virus, and urges its citizens to exercise caution before traveling to countries experiencing coronavirus outbreaks," the Saudi Foreign Ministry said in a statement announcing the decision.

"We ask God Almighty to spare all humanity from all harm." Disease outbreaks always have been a concern surrounding the hajj, required of all able-bodied Muslims once in their life, especially as pilgrims come from all over the world.

The earliest recorded outbreak came in 632 as pilgrims fought off malaria. A cholera outbreak in 1821, for instance, killed an estimated 20,000 pilgrims. Another cholera outbreak in 1865 killed 15,000 pilgrims and then spread worldwide.

More recently, Saudi Arabia faced a danger from a related coronavirus that caused Middle East respiratory syndrome, or MERS. The kingdom increased its public health measures in 2012 and 2013, though no outbreak occurred.

While millions attend the 10-day hajj, this year set for late July into early August, millions more come during the rest of the year to the holy sites in the kingdom.

"It is unprecedented, at least in recent times, but given the worldwide spread of the virus and the global nature of the umrah, it makes sense from a public health and safety point of view," said Kristian Ulrichsen, a research fellow at the James A Baker III Institute for Public Policy at Rice University. "Especially since the Iranian example illustrates how a religious crossroads can so quickly amplify the spread and reach of the virus." The virus that causes the illness named COVID-19 has infected more than 80,000 people globally, mainly in China. The hardest-hit nation in the Mideast is Iran, where Health Ministry spokesman Kianoush Jahanpour said 19 people have died among 139 confirmed cases.

Experts are concerned Iran may be underreporting cases and deaths, given the illness's rapid spread from Iran across the Persian Gulf. For example, Iran still has not confirmed any cases in Mashhad, even though a number of cases reported in Kuwait are linked to the Iranian city.

In Bahrain, which confirmed 33 cases as of Thursday morning, authorities halted all flights to Iraq and Lebanon. It separately extended a 48-hour ban overflights from Dubai and Sharjah in the United Arab Emirates, through which infected travellers reached the island kingdom off the coast of Saudi Arabia.

Iranian President Hassan Rouhani said there were no immediate plans to quarantine cities but acknowledged it may take "one, two or three weeks” to get control of the virus in Iran.

As Iran's 80 million people find themselves increasingly isolated in the region by the outbreak, the country's sanctions-battered economy saw its currency slump to its lowest level against the US dollar in a year on Wednesday.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 20,2020

Cairo, May 20: A senior Kuwaiti lawmaker has called for imposing a tax on expatriates’ remittances to shore up the country’s finances.

MP Khalil Al Saleh, the head of the parliament’s Human Resources Committee, has presented a draft law on the proposed tax to the legislature.

“Imposing fees on expatriates’ transfers will have a role in improving the state's revenues and diversify sources of income,” he told Al Rai newspaper.

Migrant workers transfer about 4.2 billion dinars annually from Kuwait, he added, citing figures from Kuwait’s Central Bank.

“This system is in effect in most countries of the world and in more than one Gulf country. Expats there have not objected to it. Allowing this money to exit the country is very dangerous and has a direct effect on economy,” MP Al Saleh said.

“We do not target brotherly expats because imposing symbolic fees on financial transfers will not affect their money, but will have a positive effect on the state’s sources,” he said. “This has become a necessity after the money transferred outside Kuwait has reached 4.2 billion dinars annually without the state [Kuwait] making any benefit from this.”

Foreign workers make up 3.3 million of Kuwait’s 4.6 million population.

Several Kuwaiti public figures have recently pushed for redrawing the demographic imbalance in the country, accusing expatriates of straining health facilities and increasing the Covid-19 threat.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 24,2020

Riyadh, Apr 24: As many as eleven Indian nationals have died due to COVID-19 in Saudi Arabia.

"As per information available with the Embassy as of April 22, eleven Indian nationals (four in Madinah, three in Makkah, two in Jeddah, one in Riyadh and one in Dammam) have passed away due to COVID-19 in Saudi Arabia," the Embassy of India in Saudi Arabia said in a press release on Wednesday.

It urged the Indian community to remain calm and avoid spreading of rumours amid the COVID-19 crisis.

"The Embassy also reiterates the need for the community to remain calm and avoid spreading of rumours that may create panic. It is important that social media is not used to disseminate false messages and spread hatred along communal lines that can vitiate the atmosphere," the Embassy said.

"As stated by Prime Minister Narendra Modi, COVID-19 does not see race, religion, colour, caste, creed, language or borders before striking, and our response and conduct should attach primacy to unity and brotherhood," it said.

Moreover, several measures on the supply of food, medicines and other emergency assistance to Indians in need are being implemented across the Kingdom.

Earlier, Indian Ambassador to Saudi Arabia, Ausaf Sayeed on April 22 had interacted with Indian community volunteers from the smaller towns all across the Kingdom to discuss the impact of the COVID-19 situation, and evaluate the implementation of various measures to ensure the welfare of Indian nationals.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.